UN Issues Guidelines on Preventing Terrorist Use of Emerging FinTech

Referred to as “The Algeria Principles”, they aim to assist member states in addressing the growing threat posed by technologies used for terrorist purposes.

The principles include:

➡️ Enhancing the understanding of terrorist financing risks associated with new and emerging financial technologies and fundraising methods;

➡️ Developing and implementing risk-based, proportionate regulation, monitoring, and supervision to prevent the abuse of new technologies for terrorist financing purposes;

➡️ Effectively detecting and disrupting the use of new technologies for the purposes of terrorist financing; and

➡️ Evaluating the impact of measures to counter the financing of terrorist (CFT) in relation to new and emerging technologies.

✅ Firms should review their control frameworks and monitoring systems to ensure they are effectively addressing TF risks and emerging technology threats.